Harry's Convenience Stores income statement for the year ended December 31, 2017 and its balance sheet as of December 31, 2017 are as follows (Click the konto view the financial statements) Cick the icon to view additional Information Read the requirements Data Table Requirement 1. One of the most important decisions a manager makes is the amount of inventory to purchase Show how to determine the amount of inventory to purchase in 2018 Cost of sales budgeted '$ 812.000 Linding Inventory, budgeted 85.000 Cost of goods available 897,000 Beginning inventory (69.000 Purchases, budgeted 5328 000 Requirement 2. Prepare the store's budgeted Income statement for 2016 to reach the target nat income of $155.000. To reach this goal operating expenses must decrease by $4040 Harry's Convenience Stores Budgeted Income Statement Year Ended December 31, 2018 Sales Harry's Convenience Stores Income Statement Year Ended December 31, 2017 Sales $ 958.000 Cost of sales 725 000 Gross profit 233,000 110 000 Operating expenses 123 000 Not income Harry's Convenience Stores Balance Sheet December 31, 2017 Liabilities and Capital Cash $ 37.000 Accounts payable 69,000 Note payable Land and buildings, net 273.000 Total abilities Cost of sales Gross profit More info Operating expenses Net Income The business is organized as a proprietorship son pays na corporate income tax The owner is budgeting for 2011 and expects sales and cost of goods sold to increase by 12%. To meet customer demand ending inventory will need to be $35.000 at December 31, 2018 The owner hopes to eam a net income of $155 000 next year 34,000 199 000 223.000 156.000 Print Done Owner, capital e s and capital Total assets 5 379 000 T $ 379 000 Enter any number in the edit Delds and then click Check Answer Print Done All parts showing